NVIDIA GTC Conference, pre-market up 2.78%, ignites new engine for AI industry

NVIDIA rose 4.98% after the GTC conference last night, with its total market cap briefly touching $4.94 trillion, and is highly likely to become the first company to reach a $5 trillion market cap! Today, let's discuss the key takeaways from the conference and analyze the benefiting industries and stocks to watch.

Benefiting Industries and Stock Analysis:

The strong signals released at NVIDIA's GTC conference are triggering a chain reaction in global capital markets. Below is an analysis of the major affected industries and related Hong Kong, U.S., and A-share stocks:

AI Computing Core Supply Chain

As the most direct "water seller" in the AI wave, the core supply chain for computing power will be the beneficiary of the chip demand surge led by NVIDIA.

1. NVIDIA: As the global leader in AI chips, no further explanation is needed.
2. TSMC: The core manufacturer of advanced process chips, with high-end GPU production demand directly driving its performance growth.
3. Packaging & Testing: JCET, as the leader in packaging and testing, is expected to secure orders for the new generation of chips.
4. PCB Sector: Shennan Circuits exclusively supplies the fifth-tier HDI boards for GB300, with yields far exceeding industry averages.
5. Server OEM: Foxconn Industrial Internet, as the main server OEM, will be a direct beneficiary of capacity expansion.

Computing Infrastructure and Cooling

With Blackwell's power consumption soaring to 1.4KW, cooling and power solution providers are facing a new wave of growth opportunities.

1. Liquid Cooling: Envicool is NVIDIA's liquid cooling partner, exclusively supplying cooling liquid distribution units.
2. Power Modules: Megmeet is a power supply partner, with 5.5kw modules already being delivered in bulk.
3. Optical Modules: The conference confirmed the mass production of CPO switches, driving demand for 1.6T optical modules. InnoLight and TFC, as established leaders in optical modules, will directly benefit.

Communications and 6G Technology

NVIDIA has entered into a deep strategic partnership with Nokia, investing $1 billion to jointly develop an AI-native 6G network platform.

1. Nokia: Will integrate NVIDIA ARC solutions into its future base station systems.
2. Communications ETF (515880): Has surged over 117% this year, ranking first among all ETFs, with optical modules accounting for over 50%.

Autonomous Driving and Robotics

NVIDIA is pushing these technologies from concept to large-scale commercialization.

1. Autonomous Driving: Partnered with Uber, planning to deploy 100,000 autonomous vehicles starting in 2027.
2. Robotics: Open-sourced the GR00T N1 model to accelerate commercialization.
3. Inovance Technology: Servo systems adapted for robotic joint needs.
4. Orbbec: 3D vision technology provides visual capabilities for robots.
5. Robotics ETF (159278): Represents long-term investment opportunities in the robotics industry.

Quantum Computing and Supercomputing

NVIDIA has introduced quantum-GPU interconnect technology NVQLink, enabling quantum processing units to call the CUDA-Q computing framework in real-time.

Additionally, NVIDIA is collaborating with the U.S. Department of Energy and Oracle to build the largest AI supercomputing cluster within the DOE system—the Argonne National Laboratory's Solstice system will deploy 100,000 NVIDIA Blackwell GPUs.

So how does this conference impact the AI supply chain?

1. Upstream Computing Core (Current Strongest Theme): NVIDIA and its core manufacturers (e.g., TSMC) are the most direct and certain beneficiaries. The $500 billion revenue forecast confirms the reality of demand.
2. Midstream Hardware Infrastructure (Continued High Growth): Suppliers of physical layer components like optical modules, connectors, and cooling solutions will maintain high growth. The penetration of higher-speed products like 800G/1.6T will create volume-and-price growth investment opportunities.
3. Downstream Vertical Markets (Future Breakout Points): As computing costs continue to decline, AI will see large-scale commercialization in autonomous driving, biopharma, enterprise software, and other fields. Ecosystem partners deeply tied to NVIDIA will have a first-mover advantage.

Global Layout and "Sovereign AI" Trend

Jensen Huang emphasized the concept of "Sovereign AI" in his keynote, meaning governments worldwide will treat AI as a strategic resource for direct investment, providing companies in the supply chain with government orders to weather economic cycles.

By showcasing its central role in the U.S. tech ecosystem, NVIDIA is sending a key message to policymakers.

However, current market expectations are already very high. If future quarterly guidance falls short or global macroeconomic conditions deteriorate, it could lead to significant stock price volatility.

In summary, "AI is not a tool, but a subject of productivity." Jensen Huang proposed this disruptive view in his speech, "For the first time in history, technology has the ability to perform labor tasks, becoming an extension of human productivity."

Modern "AI factories" are far beyond traditional data centers—they are comprehensive computing platforms built specifically for the generation, transmission, and service of massive tokens. The underlying logic—AI has evolved from a tool to a subject of productivity—is reshaping the global tech landscape and value chain distribution.

$NVIDIA(NVDA.US) $HSTECH ETF(03032.HK) $Taiwan Semiconductor(TSM.US) $Oracle(ORCL.US) $Nokia Oyj(NOK.US)